David Tepper is one of the most successful, highest-paid hedge fund managers in the world.

On CNBC this morning, he revealed that he's still bullish on stocks, and not at all worried about what the Fed is doing. He thinks the stocks are cheap, and helped by monetary easing, but that there's nothing to worry about with regards to the Fed "tapering" of QE.

Their conservative view of the world has manifested itself, post-crisis, in Fed hate, and a lack of inclination to just ride the great bullish market wave that we've seen since 2009.

Tepper is clearly not afflicted by Policy Bearism at all. The Fed doesn't make him raging mad. He doesn't talk about how the Fed is distorting markets beyond all recognition, and how it will end in disaster. He sees the Fed helping the economy, and he buys stocks, and he doesn't get worried about it.

Maybe at some point the playbook will change, and Tepper will be out of step. After all, sometimes it's the consevatives who are optimistics (like in the 80s). But at this point, his lack of knee-jerk Fed hate has served him well, and it's allowed him to ride this rally nicely.